The Manufacturers Life Insurance Company Takes $602,000 Position in Intrepid Potash, Inc. (NYSE:IPI)

The Manufacturers Life Insurance Company bought a new position in Intrepid Potash, Inc. (NYSE:IPI) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 25,098 shares of the basic materials company’s stock, valued at approximately $602,000. The Manufacturers Life Insurance Company owned approximately 0.19% of Intrepid Potash as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Associates Ltd. purchased a new position in shares of Intrepid Potash in the 3rd quarter worth about $3,100,000. First Eagle Investment Management LLC lifted its position in Intrepid Potash by 25.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 602,770 shares of the basic materials company’s stock worth $14,123,000 after buying an additional 121,100 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Intrepid Potash in the second quarter worth approximately $979,000. Glenorchy Capital Ltd grew its position in Intrepid Potash by 95.7% during the third quarter. Glenorchy Capital Ltd now owns 62,214 shares of the basic materials company’s stock valued at $1,493,000 after acquiring an additional 30,425 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Intrepid Potash by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 737,538 shares of the basic materials company’s stock worth $17,281,000 after acquiring an additional 26,696 shares in the last quarter. Institutional investors own 56.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group upped their price objective on shares of Intrepid Potash from $18.00 to $19.00 and gave the company a “sell” rating in a research note on Tuesday, November 5th. StockNews.com raised shares of Intrepid Potash from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th.

Intrepid Potash Price Performance

IPI opened at $25.16 on Friday. The stock’s 50 day simple moving average is $25.94 and its 200 day simple moving average is $24.67. The firm has a market cap of $331.18 million, a price-to-earnings ratio of -7.51 and a beta of 2.21. Intrepid Potash, Inc. has a 1 year low of $17.52 and a 1 year high of $29.75.

Intrepid Potash (NYSE:IPI) last issued its earnings results on Monday, November 4th. The basic materials company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.25). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The firm had revenue of $57.55 million during the quarter, compared to the consensus estimate of $42.57 million. During the same quarter in the prior year, the business posted ($0.53) EPS. As a group, sell-side analysts anticipate that Intrepid Potash, Inc. will post -0.17 EPS for the current year.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.